Dubai Parks spends AED3b on projects

The figure compares with the AED2.6 billion during the last reporting period.

Dubai Parks and Resorts crossed the AED3 billion mark in its cumulative project-related spend as of the end of March, reported Gulf News.

This is according to a statement issued by the company providing construction updates and the developer’s financial position in the first quarter. The figure compares with the AED2.6 billion during the last reporting period.

The three-month period also saw the company record a loss of AED13 million, with the first revenues due to come in only in the second half of 2016, when it would have opened the destination.

“It is clear there is an untapped market with no existing multi-themed park destination on offer in the Middle East,” said the company’s CEO, Raeed Al Nuaimi. “Dubai is not only attracting a growing population but is expected to attract 20 million visitors per year by 2020.

“We have an equally busy year ahead as we come closer to the realisation of our vision.”